Vivendi Universal swings to Q3 profit

RussBritt

LOS ANGELES (CBS.MW) -- After repeated quarterly losses, Vivendi Universal said Tuesday that it turned the profit corner and posted a gain for the third quarter.

The French media and telecom company reported net income of $156.9 million for the period ended Sept. 30. A year ago, the company posted a loss of $1.2 billion.

What's more, Vivendi managed a gain on lower sales, $7.1 billion vs. the $14.3 billion it reported a year ago. Those sales, however, included the company's environmental unit -- which has since been broken off -- and most of the publishing group that it later sold. Without them, sales would have been $6.2 billion a year ago.

Vivendi's
V, -0.08%
sales will drop further once the company merges its Universal film and television operations with General Electric's
GE, -0.72%
NBC unit, expected to be finalized over the next several months.

Vivendi officials said the Universal entertainment group posted a strong quarter, along with its French-based Canal Plus pay TV operations. But Universal Music, which Vivendi is retaining, experienced weakness along with a games unit.

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